NZDUSD Wave Analysis – 4 October, 2019

NZDUSD reversed from support area
Likely to rise to 0.6400

NZDUSD recently reversed up sharply from the support area lying between the long-term support level 0,6200 (which stopped the sharp weekly downtrend in the middle of 2015) and the lower weekly Bollinger Band.

The upward reversal from this support area stopped the previous impulse wave (iii) from last month.

NZDUSD is expected to rise further and retest the next resistance level 0.6400 (top of the previous weekly corrective wave (ii) from September).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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